From the Finance Committee - June/July 2000

A major task of the committee this year has been to review the congregation's existing policy toward the establishment and management of defined purpose or restricted funds. These funds provide support for worthwhile causes within our congregational community as well as in the community that lies outside of our Temple. These funds usually are in the form of budgetary supplements, donations and scholarships. Many of these funds were established by temple members to honor, support or memorialize a loved one, friend or family.

There were several reasons for this review. For example, in addition to our mandated Building, Cemetery and Endowment Funds, the portfolio of restricted funds had grown to some twenty-four different funds. Many of these funds have limited assets, and it was becoming an increasing challenge to manage their bookkeeping. Also, the existing written policy was especially vague on definition and establishment of new funds. And, of greater importance, language covering fund administration and responsibility was almost nonexistent.

Based on this thorough review, the committee decided to revise our fund policy. A more comprehensive policy for defined purpose funds was approved by the board at its February meeting and is available for your review at the Temple office.

Most of our existing restricted funds have been grandfathered under one of our new fund categories (School, Scholarship, House & Grounds, etc.). The assets from remaining funds will be folded into one of these same fund categories, either because the originator gave us permission to do so, or because there is little or no difference between the old and the new fund. An example would be our existing Library Fund; in essence, we are continuing this fund with no change in its purpose.

We encourage you to review the policy the next time you are at the temple.

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